Lodha Developers' Q2 profit rises 28% as first-half earnings climb 63%

Lodha Developers Limited reported a 28% rise in consolidated net profit for the September quarter, its results filing showed on 30 October 2026. The Mumbai-based developer, formerly Macrotech Developers until the name change on 16 June 2025, said its net profit for the quarter ended 30 September 2026 was ₹1,013.5 crore. The same quarter last year had a net profit of ₹788.70 crore. The board approved the unaudited quarterly and half-year results on the same day, and the auditors' limited review report accompanies them.

Quarter and half-year numbers

Revenue from operations rose 17.6% year on year to ₹4,467.4 crore, from ₹3,798 crore in the September 2025 quarter. The company's net profit margin for the quarter was 22.1%.

For the first half of FY27, profit after tax rose 63% to about ₹2,386 crore, from ₹1,464.9 crore a year earlier. Revenue from operations for the half-year was ₹9,464 crore, against ₹7,290 crore in the first half of FY26. The company also said first-half operating cash flow turned positive.

The quarter was weaker than the one before it. Q2 revenue of ₹4,467.4 crore was below the ₹4,997 crore reported for the June quarter, and Q2 net profit of ₹1,013.5 crore was below the ₹1,373 crore reported for Q1 FY27. The year-on-year comparison is strong, but the sequential one is not.

Sales, debt and guidance

Pre-sales for the quarter were ₹5,037 crore, up 10% from ₹4,570 crore in the September 2025 quarter. Pre-sales in the June quarter were ₹4,630 crore. Together, the two quarters total about ₹9,667 crore, against full-year FY27 pre-sales guidance of ₹24,000 crore, which the company has maintained.

Net debt stood at ₹5,279 crore on 30 September 2026. The net debt-to-equity ratio was 0.2x, well below the 0.5x ceiling. The company's exit cost of debt for the quarter was 7.8%, stable from the previous quarter. Net worth was ₹24,915 crore at the end of September.

Managing director Abhishek Lodha said: "Basis the strong performance in the first half, we expect to easily exceed our profit guidance for the year." The company did not give a numerical profit target in the material available.

What investors will watch

• The analyst and investor conference call on 2 November 2026 at 1:00 PM IST, where the company is expected to discuss the Q2 and H1 results.
• Whether the company can close the pre-sales gap needed to reach the ₹24,000 crore full-year target over the remaining nine months.
• The sequential trend in revenue and profit after the June quarter, since the year-on-year gains are being driven partly by the comparison base.
• Progress on the company's newer businesses, including a proposed build-to-suit data-centre plan of nearly one gigawatt in phases, and the Palava land holding.

In September 2025, STT Global Data Centres bought more than 24 acres of land in the Palava area of Mumbai from Lodha for about ₹500 crore. The company's data-centre plan is to be phased according to customer demand and market requirements. The company also announced a new Company Secretary and Compliance Officer, effective 31 October 2026.

The next clear markers are the conference call on 2 November and the company's update on whether its pre-sales can keep pace with the annual guidance.